The importance of having a power of attorney in place

On Behalf of | Jan 16, 2018 | Estate Planning

People in Minnesota should consider signing powers of attorney so that their needs may be taken care of if they are incapacitated and unable to take care of themselves. A power of attorney is an estate planning tool that can be used to grant power to another trusted individual to take care of the grantor’s financial and medical needs if he is no longer able to do so himself.

People who are seriously injured in an accident or suffer a debilitating medical condition may be unable to take care of bills, a business and other financial issues. If they are the only one named on their accounts, family members may be unable to access them without a power of attorney or obtaining guardianship.

The latter can be an expensive and drawn-out process in court. People can avoid their families having to go through this by signing powers of attorney. They can designate the people who will be able to access their accounts and financial information so that they can keep businesses running during periods of incapacity.

People may benefit by having strong estate plans in place regardless of their ages. Unfortunately, even young adults are sometimes seriously injured or contract serious medical problems that leave them unable to make decisions for themselves. Having a power of attorney that is signed may be important in the event an unexpected accident or illness leaves people without the ability to take care of their financial or medical needs. An experienced estate planning lawyer might help people to draft powers of attorney and other important documents so that both they and their loved ones might be protected in the event that the unexpected happens.